Benefit from credit holidays

Suspend your mortgage or cash loan payment for 1 or 3 months depending on your needs

For what products can you take credit holidays online?



Cash loan

With online credit holidays, you can postpone your nearest loan instalment by a month. If due to epidemic your current situation is very difficult, you can use the option to extend your credit holidays by 3 months. Credit holidays will extend the repayment period and increase the last instalment. The Bank is not charging any fees for the service.

An application for a 3-month credit holiday is available if the following conditions are met:

  • the cash loan was disbursed before 17.03.2020 (requirement for 3-month long credit holidays)
  • at the time of submitting the application you have no arrears in paying off the loan
  • until the end of the loan repayment, there are at least 4 instalments
  • the amount of the last instalment after granting the holiday will not exceed the amount of the regular instalment from the schedule more than three times

Mortgage loan

In the case of mortgage loans, you also have two options: you can suspend the instalment for 1 or 3 months.

If you suspend one full principal and interest instalment, the end date of your loan will not change. The remaining instalments will be increased proportionally and the accrued interest will be capitalized.

If you want to postpone the loan repayment due to the epidemic by 3 months, we will extend the loan period and the interest accrued during the holidays will be added to the loan principal. Due to the capitalization of interest, the loan instalment after credit holidays will increase. There is no additional fee for starting the service.

An application for a 3-month credit holiday is available if the following conditions are met:

  • the mortgage loan agreement was signed till 17.03.2020
  • at the time of submitting the application you have no arrears in paying off the loan
  • there are at least 4 instalments left to repay

How to take credit holidays?

1

Log in to Millenet.

2

Select My finances > Loans, then click Details of the selected product.

3

Choose Loan holidays option and suspend instalment payment.

You can also benefit from credit holidays by calling TeleMillennium (801 331 331) and logging in with MilleKod and P@ssword 1. Cost of call in accordance with the operator's price list.

Mortgage products

The difference in instalments before and after credit holidays and the cost of the holidays will depend on:

  • remaining repayment period - the longer te period, the smaller the difference will be (the loan amount will be spread over a larger number of instalments), but the sum of interest instalments paid in the whole period will be greater than for a shorter period ( interest paid for a longer period)

  • loan amount - the higher the amount, the greater the difference in interest

  • in type of instalments - in case of decreasing instalments, the amount of interest decreases during repayment, so the shorter the period remaining, the interest accrued during the holidays will be smaller, in case of equal installments - the percentage of interest in the instalment is higher in the initial repayment period and smaller in final, so the closer the end of repayment, the lower the amount of interest will be suspended during the holidays, and then added to the principal amount

For mortgage products, consolidation loans secured by a mortgage the way in which credit holidays operate is as follows:

During credit holidays interest is accrued in the first, second and third month of the break on the loan principal that was outstanding before the start of the loan holiday. At the end of the holiday period, interest is added together and added to the loan amount. Then, the principal and interest instalments are recalculated in the remaining repayment period, taking into account the increased amount of the loan to be repaid and the repayment period extended by 3 months. As a result, the amount of next instalment will be increased.

Cash loans

As a result of cash loan credit holidays:

  • The interest accrued for the credit vacation period will be paid first, i.e. in the closest instalments, the amount of which will not change.

  • The number of instalments remaining to be repaid will not change, but the repayment period will be extended (by the same number of months for which the repayment was deferred as a result of holidays).

  • As a result of deferment of payment, the total cost of the loan and the last instalment of the loan will increase due to accrued interest also during the deferred period. The interest is paid in the first place and causes the transfer of part of the capital to the last instalment.

  • An example simulation of cash loan instalment payment with a 3-month credit holidays – in Polish

Insurance



Mortgage products

Credit holidays do not suspend the payment of insurance fees/premiums, i.e. you must provide funds on the account to collect insurance premiums/fees due in this period to ensure continuity of insurance protection and mortgage/ consolidation loan/ mortgage collateral (applies to loans/loans with option insurance via the Bank).


Cash loans

If the loan is insured, the insurance will apply until the original end of the loan agreement (it will not apply during the extension of the contract for the period corresponding to the credit vacation).


The quickest and easiest way to benefit from credit holidays is through Millenet


You can also submit an application through TeleMillennium or at a Bank branch.